Morgan Stanley Trims Align Technology (NASDAQ:ALGN) Target Price to $280.00

Align Technology (NASDAQ:ALGN) had its price target reduced by Morgan Stanley from $310.00 to $280.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

A number of other brokerages have also issued reports on ALGN. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday. Stifel Nicolaus cut their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Evercore ISI dropped their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Piper Sandler reduced their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Stock Up 1.3 %

NASDAQ ALGN opened at $219.30 on Thursday. Align Technology has a 52 week low of $176.34 and a 52 week high of $335.40. The company has a market capitalization of $16.51 billion, a P/E ratio of 36.13, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The stock’s 50-day moving average price is $233.41 and its 200-day moving average price is $248.91.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.62 EPS. Research analysts anticipate that Align Technology will post 7.61 EPS for the current year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mather Group LLC. grew its holdings in Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 42 shares during the last quarter. Quarry LP grew its stake in shares of Align Technology by 53.0% during the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after buying an additional 44 shares during the last quarter. Crewe Advisors LLC raised its holdings in shares of Align Technology by 36.8% in the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after buying an additional 46 shares during the period. Daiwa Securities Group Inc. lifted its stake in shares of Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after acquiring an additional 54 shares during the last quarter. Finally, Lake Street Advisors Group LLC boosted its holdings in Align Technology by 5.6% during the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock valued at $265,000 after acquiring an additional 55 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.